In 2013, he predicted the index would reach 18,000 by 2015. The Dow hit the milestone in December 2014.

"I still think that many of the same factors that I cited two years ago are still very much in place for the market: broad and diverse leadership, low interest rates, a transparent Fed, earnings that beat expectations quarter after quarter," said Peroni, senior vice president at Advisors Asset Management, which has $7 billion under management.

"I see a very good foundation here for higher levels."

That said, it won't necessarily go up in a straight line. There is a potential for a correction, Peroni told CNBC's "Power Lunch."

However, he doesn't believe the Dow will correct more than 10 percent before hitting 20,000.

"This market has done an extraordinary job of policing its excesses on an ongoing basis."

For example, biotechnology, aerospace and defense had sharp declines but are now springing back, he noted. Peroni believes the sectors will continue to show very strong momentum through the remainder of the cycle.

"There are so many predictions of doom when the underlying characteristics of this market are still quite robust," he said.

However, Peroni thinks there is a breakaway move coming relatively soon and once that occurs the path to Dow 20,000 will be "pretty quick."

Matt Roddy, vice president and portfolio manager at Rockland Trust Investment Group, isn't quite as bullish. He's predicting a 6 to 8 percent return on the Dow this year, with the index perhaps going as high as 19,500.

"That's as bold as I want to be," he said in an interview with "Power Lunch."